Jagaran Chakma

The Covid-19 pandemic has severely affected 98.6 per cent of the poor, who have seen a decline in income, loss of jobs, the closing of shops and business activities and even a complete halt of income, a study finds.

Bangladesh’s pharmaceutical industry managed to grow its exports in the just-concluded fiscal year on the back of a steady demand for medicines during the coronavirus-induced economic and health crises, which have decimated other major export sectors.

The finance ministry has directed the Bangladesh Bank to make wholesale changes to the policies that could be considered systematic faults or dissuade foreign direct investment (FDI) in the post-coronavirus era.

Bangladesh Economic Zones Authority (Beza) is all ready to start site development for an India Special Economic Zone (ISEZ), where billions of dollars in investment are expected to pour in from the neighbouring country.

The once cheery demeanour of leather goods and footwear exporters has turned into one of depression as shipments declined 22 per cent in the just-concluded fiscal year due to the ongoing coronavirus pandemic.

Bangladesh Investment Development Authority (BIDA) is moving towards deals to incorporate 23 more dedicated services for investors on its website within the next two months, aiming at improving Bangladesh’s ranking in the World Bank’s ease of doing business index and attract foreign investment.

Cable manufacturers are fearing a 50 per cent year-on-year slash in revenue this year as demand for wires fell drastically in the country due to the coronavirus outbreak.

Japan International Cooperation Agency (Jica) is looking for a path to overcome the difficulties of the Covid-19 pandemic in implementation of its funded projects in Bangladesh.

Motorcycle makers have urged the government to continue exempting VAT on sales of locally-made parts until 2027 to keep prices low as the purchasing power of people has seen a sharp fall due to Covid-19 pandemic.

Reconditioned vehicle importers and distributors have breathed a sigh of relief at the tax and duty structure being kept the same in the proposed budget, saying this would help keep pressure off and business stable amidst the pandemic.

The country’s steel manufacturers will likely find it increasingly difficult to recover from the ongoing coronavirus pandemic as the government did not include their demands in the budget for fiscal 2020-21, said the Bangladesh Steel Manufacturers Association.

Local steel building makers yesterday urged the government to impose a duty on the import of finished steel products by foreign companies to safeguard the domestic industry.

Cement manufacturers are frustrated over their demands being left unaddressed in the proposed budget, from which they had hoped to avail some assistance to cope with losses incurred for the pandemic.

Bangladesh is gradually being weighed down by foreign loans, understandable through the budgetary allocation for external debt repayment, which would fester in the upcoming fiscal year and undermine efforts to revive the economy bogged down by the novel coronavirus.

Trade body and business chamber leaders said the economic recovery from the coronavirus pandemic is largely dependent on prompt implementation of the stimulus package.

Real estate companies have urged the government to allow black money to be invested in the housing sector through the upcoming budget without prying into the sources as it would help the vulnerable industry survive the ongoing coronavirus pandemic.

The cement manufacturers have sought a 60 per cent cut in import duty on clinker and waiver on existing loan interest, to recover from the losses they suffered since the COVID-19 outbreak.

Local light engineering product manufacturers have sought withdrawal of the 5 per cent advance income tax (AIT) on the import of basic raw materials as the sector has been struggling to survive amid the coronavirus outbreak.

The motorcycle makers’ association has demanded an 81 per cent cut in bike registration fees in next fiscal year’s budget as the purchasing power of the general mass has seen a sharp fall due to the pandemic.

Although most of Bangladesh’s major construction projects were put on hold amid the ongoing coronavirus pandemic, Adani Ports and Special Economic Zone (Adani Ports & SEZ), began land development at the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) in Mirsarai, Chattogram during the recent nationwide lockdown.